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Peer Fund / Dealmaker·Behavioral Health

Kyle Bradford

Managing Partner and Co-Founder at Latticework Capital Management

Dallas, Texas

KB
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Why they matter

Co-founder of a $650M+ healthcare PE firm with a proven behavioral health rollup track record (Beacon, Restoration) and a recent 8x-clinic exit to Goldman Sachs.

Background

Kyle Bradford is Managing Partner and Co-Founder of Latticework Capital Management (LCM), a Dallas-based lower-middle-market healthcare private equity firm he started with Steve Neumann in 2015 that now manages over $650 million in assets. Before LCM, he was Managing Director and Co-Head of the Healthcare Private Equity Group at American Capital, Ltd. (~$21B AUM), and earlier worked in technology investment banking at Salomon Smith Barney and syndicated finance at Banc of America Securities. He holds a BBA and Masters in Professional Accounting from the University of Texas at Austin.

Notable deals

  • 2021
    Led LCM's investment in Beacon Behavioral Hospital, a Louisiana inpatient/IOP psychiatric treatment provider
  • 2016
    Recapitalized Restoration Counseling & Community Services (justice-system-focused behavioral health provider)
  • 2024
    Built Xpress Wellness from 10 to 58 rural urgent-care clinics, sold to Goldman Sachs Alternatives
  • 2019
    Backed SALT Dental Partners' scale-up from 2 clinics to a 175+ location pediatric DSO platform

Call-prep brief

Kyle Bradford — Managing Partner & Co-Founder, Latticework Capital Management

Background

  • Co-founded LCM in 2015 with Steve Neumann; grew it to $650M+ AUM focused on lower-middle-market healthcare (behavioral health, dental, pharma services, medical tools/instruments).
  • Prior healthcare PE experience at American Capital (Co-Head, Healthcare PE Group, ~$21B AUM) and investment banking background at Salomon Smith Barney and Banc of America Securities.

Current Focus

  • Sits on LCM's Investment Committee; active board member across Beacon Behavioral Hospital, Salt Dental Collective, Xpress Wellness (until its 2024 sale), Healthcare Building Solutions, inReach Health, American Clinical Research Services, and others.
  • Strategy: buy founder-led, sub-$10M EBITDA healthcare platforms and scale via organic growth plus heavy add-on M&A (Salt Dental did 60+ tuck-ins; American Veterinary Group went from 1 to ~200 clinics).

What He Cares About

  • "Alignment of interest" with LPs and management teams; keeping founder-CEOs in place post-close (e.g., Restoration's Paul Kustermann retained a minority stake and stayed on as CEO).
  • Rural/underserved-market access and buy-and-build density plays.

Recent Moves / Sensitivities

  • Successfully exited Xpress Wellness to Goldman Sachs Alternatives in May 2024 — a credible reference deal for rollup-to-strategic-exit conversations.
  • Trade press (Behavioral Health Business, Nov 2025) reported Beacon Behavioral Partners and LCM may be exploring a sale — worth probing tactfully, as it may be premature or confidential.

Questions to Ask

  1. What made the Xpress Wellness buy-and-build playbook repeatable, and how would you apply it to a new behavioral health platform today?
  2. How do you evaluate add-on targets and pace acquisitions without straining clinical quality or staff retention?
  3. What's your current thinking on platform timing/exit for behavioral health assets given reported market conditions?

Outreach draft

Subject
Behavioral health rollup playbook — quick call?
Hi Kyle, I've been following Latticework's work in behavioral health — the Beacon Behavioral and Restoration recapitalizations, and more recently the Xpress Wellness exit to Goldman Sachs, stand out as a strong buy-and-build track record in this space. We're evaluating opportunities in the behavioral health rollup category and would value your perspective on what's working (and what isn't) in sourcing and scaling founder-led platforms right now — sizing, add-on cadence, and exit timing in particular. Would you have 20-30 minutes in the next couple of weeks for a call? Happy to work around your schedule. Best, [Placeholder Name]

Linked companies

Sources

Strongest evidencePage title6 public sourcesVerified2026-08-09How the grades work